REGISTERED NUMBER: |
GOLDENS (NOTTINGHAM) LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
REGISTERED NUMBER: |
GOLDENS (NOTTINGHAM) LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
GOLDENS (NOTTINGHAM) LIMITED (REGISTERED NUMBER: 07974236) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GOLDENS (NOTTINGHAM) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2022 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Registered Auditors |
First Floor |
244 Edgware Road |
London |
W2 1DS |
GOLDENS (NOTTINGHAM) LIMITED (REGISTERED NUMBER: 07974236) |
BALANCE SHEET |
31 AUGUST 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 8 |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
GOLDENS (NOTTINGHAM) LIMITED (REGISTERED NUMBER: 07974236) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
1. | Statutory information |
Goldens (Nottingham) Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
The Director has prepared the financial statements on a going concern basis based on cashflow forecasts modelling a range of scenarios including various trading revenue levels that show the Company being able to meet any liabilities as they fall due over a period of at least 12 months from the date of the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised when performance obligations are satisfied and control has transferred to the customer. For goods sold in store, revenue is recognised at the point of sale. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is based on the cost of purchase on a first in, first out basis. |
GOLDENS (NOTTINGHAM) LIMITED (REGISTERED NUMBER: 07974236) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
2. | Accounting policies - continued |
Pensions- defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a |
pension plan under which the Company pays fixed contributions into a separate entity. Once the |
contributions have been paid the Company has no further payment obligations. The contributions are |
recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Impairment |
A review for indicators of impairment is carried out at each reporting date with the recoverable amount being estimated where such indicators exists. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. |
Functional and presentational currency |
The company's functional and presentational currency is Pound Sterling. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Cash at bank and in hand |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
GOLDENS (NOTTINGHAM) LIMITED (REGISTERED NUMBER: 07974236) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
3. | Employees and directors |
The average number of employees during the year was |
GOLDENS (NOTTINGHAM) LIMITED (REGISTERED NUMBER: 07974236) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
4. | Tangible fixed assets |
Fixtures, |
fittings & |
equipment |
£ |
Cost |
At 1 September 2021 |
and 31 August 2022 |
Depreciation |
At 1 September 2021 |
Charge for year |
At 31 August 2022 |
Net book value |
At 31 August 2022 |
At 31 August 2021 |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Secured debts |
The company has borrowings of Nil (2021: £40,000) included within amounts owed to group undertakings, which are secured against the assets of the company. |
8. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
GOLDENS (NOTTINGHAM) LIMITED (REGISTERED NUMBER: 07974236) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
8. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1 September 2021 |
Credit to Income Statement during year | ( |
) |
Released during the year |
Balance at 31 August 2022 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
11. | FRC Ethical Standard - provisions available for small entities |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
12. | Ultimate controlling party |
The controlling party is A A Karattu Thody. |
The ultimate controlling party is A Nazar who owns 85% shareholding of the parent company. |
Goldens International Limited is the parent undertaking to consolidate these financial statements at 31 August 2022. The consolidated financial statements of Goldens International Limited are available from Second Floor, 325 Washwood Heath Road, Birmingham, England, B8 2XJ. |